Asia-Pacific Credit Markets Update 2Q 2020 Xu Han, Associate - - PowerPoint PPT Presentation
Asia-Pacific Credit Markets Update 2Q 2020 Xu Han, Associate Director Credit Markets Research xu.han@spglobal.com Vince Conti , Associate Director Credit Markets Research vince.conti@spglobal.com Nivritti Mishra , Lead Analyst
Xu Han, Associate Director – Credit Markets Research xu.han@spglobal.com Vince Conti, Associate Director – Credit Markets Research vince.conti@spglobal.com Nivritti Mishra, Lead Analyst –Research nivritti.mishra@spglobal.com Lyndon Fernandes, Analyst – Research lyndon.fernandes@spglobal.com Sudeep Kesh, Head of Credit Markets Research sudeep.kesh@spglobal.com
APAC Financing | Risk Aversion Persists
3
Note: Data as of June 17, 2020. Source: S&P Global Ratings Research, Bloomberg-Barclays Indices.
in late-March to the highest since the Global Financial Crisis, credit spreads are now tighter and more
in APAC are roughly on par with the U.S. market, likely helped at least partially by a confidence boost initiated by a slew of actions by the major central banks globally. Spreads on speculative-grade APAC bonds have also tightened significantly, by more than 400 basis points (bps) since the high in March, though investors continue to demand a premium for riskier debt compared with the beginning
for speculative-grade issuers. Despite significantly easing spreads, levels remain close to double those seen at the start of the year. Moreover, these are still nearly 200 bps above the corresponding overall U.S. spec- grade spreads, from close to parity at the start of 2020.
227 319 781 1,078 141 121 448 462 366 278 1,058 1,275 198 204 646 791 200 400 600 800 1000 1200 1400 US IG APAC IG US HY APAC HY
U.S. and APAC OAS (for USD-denominated bonds, in bps)
APAC 2010-19 High (Sep 30, 2011)
COVID-19 Worst 17-Jun-20
(bps)
200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 1 / 1 / 2 1 6 3 / 1 / 2 1 6 5 / 1 / 2 1 6 7 / 1 / 2 1 6 9 / 1 / 2 1 6 1 1 / 1 / 2 1 6 1 / 1 / 2 1 7 3 / 1 / 2 1 7 5 / 1 / 2 1 7 7 / 1 / 2 1 7 9 / 1 / 2 1 7 1 1 / 1 / 2 1 7 1 / 1 / 2 1 8 3 / 1 / 2 1 8 5 / 1 / 2 1 8 7 / 1 / 2 1 8 9 / 1 / 2 1 8 1 1 / 1 / 2 1 8 1 / 1 / 2 1 9 3 / 1 / 2 1 9 5 / 1 / 2 1 9 7 / 1 / 2 1 9 9 / 1 / 2 1 9 1 1 / 1 / 2 1 9 1 / 1 / 2 2 3 / 1 / 2 2 5 / 1 / 2 2
U.S. Spreads By Rating Category
AAA AA A BBB BB B CCC * Option-adjusted spreads computed on a pool of over 20,000 U.S.-domiciled bonds with par values of over $100M that are rated by S&P Global Ratings. Data as of June 12, 2020. Source: S&P Ratings Research; Thomson Reuters.
66.04 3380.16 2000 2200 2400 2600 2800 3000 3200 3400 10 20 30 40 50 60 70 6/7/2019 7/7/2019 8/7/2019 9/7/2019 10/7/2019 11/7/2019 12/7/2019 1/7/2020 2/7/2020 3/7/2020 4/7/2020 5/7/2020 6/7/2020
Index Movement In Last One Year Has Reached Peak In March 2020
VIXCLS SP500
Data as of June 12, 2020. Source: S&P Ratings Research; FRED. Pre-COVID Post-COVID
indicating much weaker investor confidence. Subsequently, various central bank actions, such as asset purchase programs, increased liquidity and helped investor confidence recover, leading to reduction in VIX.
APAC Markets | Corporate Issuance
6 May, 792.74 Jun, 885.02
200 400 600 800 1000 1200 1400 1600 1800 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Asia-Pacific Cumulative Corporate (Financial and NonFinancial) New Bond Issuance
2016 2017 2018 2019 2020
(Bil. USD)
100.00 150.00 200.00 250.00 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Asia-Pacific Corporate (Financial and NonFinancial) New Bond Issuance
2016 2017 2018 2019 2020
(Bil. USD)
Data as of June 16, 2020. Source: S&P Ratings Research; Thomson Reuters.
issuance so far in 2020 has already surpassed the level for the same period last year.
was local bond issuance by Chinese
the extraordinary support by the government, not only through easier financial conditions but also fiscal support through special project bonds.
project bonds were issued in March and April, at the height of the COVID-19 disruptions.
APAC Corporate Issuance| By Market
7
Data as of June 16, 2020. Source: S&P Global Ratings Research; Thomson Reuters.
(Bil. USD)
1,066 302
858 403 946 385 1,274 388 $697.4 188
$0 $200 $400 $600 $800 $1,000 $1,200 $1,400
Domestic Foreign
Asia-Pacific New Issuance By Market
2016 2017 2018 2019 2020
bond issuance, foreign bond issuance by APAC firms has only recently recovered, bringing it back to about the same pace as 2019.
activity in April offset the strong start to the year, after which issuance activity recovered to the 2018- 2019 average pace.
recovery has been
continues to account for most offshore borrowing in the region, followed by the larger developed markets. There has been much thinner activity from Emerging Asian entities.
APAC Upgrade and Downgrade Potential | By Sector
9
Downgrade Potential | Regional Negative Bias
10
– Tiger Economies And Other Developed Asia: Downgrade potential remains elevated due to the pandemic’s damping of economic activities. – Rest of APAC: Downgrade potential remained high as
five- and 10-year averages. China, on the other hand has seen improvements.
Data as of June 16, 2020 and exclude sovereign. Source : S&P Global Ratings Research. Tiger Economies includes Singapore, South Korea, Taiwan and Hong Kong. Other developed includes Australia, New Zealand, and Japan. 17% 12% 20% 14% 10% 18% 26% 19% 25% 0% 5% 10% 15% 20% 25% 30%
Other Developed Tiger Economies APAC excluding OD and Tiger Economies
APAC Downgrade Potential Differentiated Across Region
10-Year Average 5-Year Average 16-Jun-20
Regional Bias Outlooks| By Country (Or SAR)
11 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Australia (124) Japan (96) New Zealand (26) Hong Kong (18) Singapore (27) Taiwan (36) China (119) India (23) Indonesia (14) Malaysia (9) Pakistan (1) Papua New Guinea (1) Philippines (4) Sri Lanka (1) Thailand (9) Vietnam (3) All (511)
Neg/Negative Stable Pos/Positive SAR – Special Administrative Region. Data as of June 12, 2020. Note: Numbers in parentheses refer to the number of entities included in the calculation; Excludes developing outlook; Includes Financial & Non-Financial Companies. Parents only. Source: S&P Ratings Research.
(Total Issuer Counts)
Thailand (despite small sample size)
12
Data as of June 17, 2020. Source: S&P Global Ratings. 10 20 30 40 50 60 70 80 90 Automotive Capital Goods Chemicals, Packaging & Environmental Services Consumer Products Diversified Financials (ex. Insurance) Forest Products & Building Materials Health Care High Technology Homebuilders/Real Estate Co. Insurance Media & Entertainment Metals, Mining & Steel Oil & Gas Retail/Restaurants Telecommunications Transportation Utility
APAC Corporates (Financial and NonFinancial) Ratings Distribution
AAA AA A BBB BB B CCC & Below
Transportation has the highest share of speculative-grade, at 7 out of 11 rated companies, followed by Healthcare with 3 out 5.
(Number Of Issuers)
13
Data as of June 17, 2020. Source: S&P Global Ratings
Riskiest issuers
10 20 30 40 50 60 A A A A A + A A A A
+ A A
B B + B B B B B B
B + B B B B
+ B B
C C +
Non-financial Corp - Ratings Dist. and Outlooks
Negative Outlook/CW Neg Stable Positive Outlook/CW Pos 20 40 60 80 100 Automotive Capital Goods Chemicals, Packaging &… Consumer Products Diversified Financials (ex. Insurance) Forest Products & Building Materials Health Care High Technology Homebuilders/Real Estate Co. Insurance Media & Entertainment Metals, Mining & Steel Oil & Gas Retail/Restaurants Telecommunications Transportation Utility
Non-financial Corporates Ratings Outlooks Across Rating Category
CW Neg Negative Outlook Stable Positive Outlook/CW Pos
Roughly 44% of the APAC non-financial corporate spec-grade universe is vulnerable to credit deterioration. Within non-financial corporates, the majority of those poised for deterioration are in real estate (18) ,utilities (16), autos (13) and media/entertainment (incl. lodging/leisure); besides autos with 6, each of the other three sectors has 3 companies on CreditWatch negative, signaling a 50% likelihood of downgrade. Among the riskiest issuers (B- and below), seven are on Negative Outlook and two have a CreditWatch Placement with Negative Implications.
14
Data as of May 31, 2020. Source: S&P Global Ratings
No fallen angels yet in 2020; but the 15 potential fallen angels is the most since the taper tantrum, affecting roughly half the amount of debt during that period. Nine of the 15 are in the financial institutions, real estate, or utilities sectors. In terms of affected debt, financial institutions are at the top, followed by a single telco in India.
1 2 3 4 $0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 A u t
i v e F i n a n c i a l I n s t i t u t i
s H i g h T e c h n
y H
e b u i l d e r s / R e a l E s t a t e C
M e d i a & E n t e r t a i n m e n t M e t a l s , M i n i n g & S t e e l T e l e c
m u n i c a t i
s U t i l i t i e s
PFA Sector-wise Through May 31, 2020
Issuer Debt (in Million $)
Debt (in Million $) Count Of issuers
2 4 6 8 10 12 14 16 18 $0 $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 $35,000 $40,000 $45,000 4 / 4 / 2 8 4 / 4 / 2 9 4 / 4 / 2 1 4 / 4 / 2 1 1 4 / 4 / 2 1 2 4 / 4 / 2 1 3 4 / 4 / 2 1 4 4 / 4 / 2 1 5 4 / 4 / 2 1 6 4 / 4 / 2 1 7 4 / 4 / 2 1 8 4 / 4 / 2 1 9 4 / 4 / 2 2
Historical PFA And Its Outstanding Debt
PFA Issuer Debt (in Million $)
Debt (in Million $) Count Of issuers
16
Data as of June 12, 2020. Source: S&P Global Ratings.
With a lower ratings profile at the start of the current crisis, downgrade tallies are rapidly approaching levels seen during the Great Financial
world, APAC has seen triple the number of actions year-on-year, predominantly downgrades. Downgrades account for the vast majority of rating actions across geographies, with downgrade ratios exceeding other periods of stress.
95 60 20 56 315 134 53 265 77 51 13 74 839 508 227 739 200 400 600 800 1000 1200 1400 2009 2019 2019 YTD 2020 YTD Asia/Pacific EMEA Latin America North America 83% 67% 63% 95% 88% 58% 52% 95% 87% 85% 72% 97% 82% 72% 71% 94% 0% 20% 40% 60% 80% 100% 2009 2019 2019 YTD 2020 YTD North America Latin America EMEA Asia/Pacific
APAC Ratings Summary| Sovereign In June
17
Note: Foreign currency ratings. NM indicates not meaningful. Red means speculative-grade rating, and blue means investment-grade rating. Data as of June 16, 2020. Source: S&P Global Ratings Research. S&P Capital IQ. CDS Spread is as of June 16, 2020.
Country Rating Outlook 5 Year CDS Spread Median Rating Financials (OLCW) Median Rating Non - Financials(OLCW) Australia AAA Negative 22 A- BBB Bangladesh BB- Stable NM B+ China A+ Stable 48 A BBB Cook Islands B+ Positive NM Fiji BB- Stable NM Hong Kong AA+ Stable 45 A A India BBB- Stable 111 BBB- Indonesia BBB Negative 123 B+ Japan A+ Stable 19 A+ A- Korea AA Stable NM A BBB+ Malaysia A- Stable 69 BBB+ Mongolia B Stable 564 New Zealand AA Positive 23 A+ BBB Pakistan B- Stable 585 B- Papua New Guinea B- Stable NM B- Philippines BBB+ Stable 59 BBB Singapore AAA Stable NM A- BBB+ Sri Lanka B- Stable 1075 B- Taiwan AA- Stable NM A- BBB+ Thailand BBB+ Stable 44 A- BBB+ Vietnam BB Stable 171 BB-
APAC | COVID-19 / Oil-Related Rating Actions
18
Note: Data includes Sovereign. Data from Feb. 3, 2020 to June 15, 2020. Greater China includes mainland China, Taiwan, Macao and Hong Kong. Source: S&P Global Ratings. 5 10 15 20 25 Greater China South Korea Australia Greater China Indonesia Japan Marshall Islands New Zealand Singapore South Korea Australia Greater China India Indonesia Japan Malaysia Marshall Islands New Zealand Papua New Guinea Singapore South Korea Thailand Australia Greater China Indonesia Japan Malaysia New Zealand Singapore Sri Lanka Greater China Indonesia Japan Marshall Islands Feb March April May June
COVID-19/Oil Price Rating Actions By Country
Downgrade Downgrade + CW Change OL Change CreditWatch Negative
(Number Of Issuers)
APAC | COVID-19 / Oil-Related Rating Actions
19
Note: Data includes Sovereign. Data from Feb. 3, 2020 to June 15, 2020. Greater China includes mainland China, Taiwan, Macao and Hong Kong. Source: S&P Global Ratings.
Sector Breakdown Of Corporate And Sovereign Debt Amount Impacted By COVID-19 & Oil Price-Related Actions
0.2 0.6 1.5 3.1 3.3 7.4 11.2 11.8 11.9 13.7 17.9 19.9 20.9 24.0 24.6 25.7 38.5 48.4 144.8 199.2 587.6
100 200 300 400 500 600
Consumer products (3) Technology (4) Retailing (7) Metals and mining (5) Business and consumer… Hotels and gaming (6) Media and entertainment (4) Utilities (6) Transportation infra (10) Health care (1) Insurance (17) Capital goods (9) Real estate (20) Energy (10) Chemicals (5) Transportation (15) Building materials (2) NBFI (10) Automotive (21) Sovereign (6) Banks (31) ($ Bil) Downgrade + CreditWatch Downgrade CreditWatch Negative OL Change
(Number Of Issuers)
APAC| COVID-19 / Oil-Related Rating Actions
20
Note: Data includes Sovereign. Data from Feb. 3, 2020 to June 15, 2020. Greater China includes mainland China, Taiwan, Macao and Hong Kong. Source: S&P Global Ratings. 3 11 7 5 16 1 1 2 2 2 1 2 28 39 6 10 29 1 3 6 1 12 7 5 10 15 20 25 30 35 40 45
A u s t r a l i a G r e a t e r C h i n a I n d i a I n d
e s i a J a p a n M a l a y s i a M a r s h a l l I s l a n d s N e w Z e a l a n d P a p u a N e w G u i n e a S i n g a p
e S
t h K
e a S r i L a n k a T h a i l a n d
APAC Rating Actions (Including Downgrades and Outlook/CreditWatch Revisions)
Rating Downgrade Outlook / CreditWatch Revisions
(Number Of Issuers)
Ratings Action| Weakest Links and Default Rates
21
Data as of May 31, 2020 and default rates as of May 31, 2020. TE – Tiger Economies. OD – Other Developed. Tiger Economies includes Singapore, South Korea, Taiwan and Hong Kong. Other developed includes Australia, New Zealand, and Japan. Source: S&P Global Ratings Research.
APAC weakest links rose and remain near record highs, indicating higher likely default rates for the region Default rate continues to rise for APAC, highest monthly default rate seen since 2017
0% 2% 4% 6% 8% 10% 12% 14% 2 4 6 8 10 12 14 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Weakest Links Count (lhs) Weakest Link Share of Speculative-Grade Population (%) (rhs) APAC, 4.65% Other Developed, 8.57% Tiger Economies, 1.89% APAC Excluding OD And TE, 4.71% 0.00 2.00 4.00 6.00 8.00 10.00 12.00 2017 2018 2019 2020 APAC Other Developed Tiger Economies APAC Excluding OD And TE
22
Data as of June 12, 2020. Default data as of May 31, 2020. Source: S&P Global Ratings
Eight APAC corporate defaults so far in 2020 APAC default rate rises to 4.65%% by end of May 2020
Date Parent Company Country Sub sector To From Reason 1/14/2020 Qinghai Provincial Investment Group Co. Ltd. China Metals, mining, and steel D CCC- Missed interest payments 2/21/2020 Tunghsu Group Co. Ltd., China High technology SD CCC- Missed principal and interest payments 3/12/2020 Confidential Confidential Metals, mining, and steel SD CCC- Confidential 3/19/2020 Geo Energy Resources Ltd. Singapore Metals, mining, and steel SD B- Distressed exchange 4/6/2020 FE Investments Ltd. (FE Investments Group Limited) New Zealand Finance companies D CCC Missed interest payments 4/7/2020 Speedcast International Ltd. Australia Telecommunications D CCC Missed principal and interest payments 4/30/2020 Virgin Australia Holdings Ltd.
Australia
Transportation D CC Chapter 15 5/11/2020 Yihua Enterprise (Group) Co. Ltd.
China
Consumer products SD CCC Missed interest payments
1 2 3 4 5 6 7 8 2 4 6 8 10 12 14 16 18 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Defaults Tally (LHS) Speculative Grade Default rate in (%, RHS)
Count Of
%
APAC Issuance| Sovereign Top 20 Deals In 2020 By Debt Amount
24
YTD data as of June 16, 2020; includes local / foreign currencies. Red means speculative-grade rating, blue means investment-grade rating, and grey means NR (not rated). Source: S&P Global Ratings Research. Issue Date Issuer Countr y Market Place S&P Issue- Rating S&P Sovereign Rating (as of June 23, 2020) Security Description Curren cy Issuance (US $ Mil.) 6-Jan-20 Peoples Republic of China China China Public NR A+ 2.250% Senior Bonds due '21 CNY $ 3,011 7-Jan-20 Indonesia Republic Indones ia U.S. Public BBB BBB 2.850% Global Notes due '30 USD $ 1,200 7-Jan-20 Indonesia Republic Indones ia U.S. Public BBB BBB 0.900% Global Notes due '27 EUR $ 1,111 16-Jan-20 People's Government of Shanxi China China Public NR A+ 3.620% Fxd/Straight Bd due '35 CNY $ 939 2-Jan-20 Gov of Xingjiang Uygur China China Public NR A+ 3.760% Senior Bonds due '40 CNY $ 862 7-Jan-20 Indonesia Republic Indones ia U.S. Public BBB BBB 3.500% Global Notes due '50 USD $ 800 16-Jan-20 People's Government of Shanxi China China Public NR A+ 3.330% Fxd/Straight Bd due '30 CNY $ 664 21-Jan-20 Philippines Philippi nes U.S. Public BBB+ BBB+ Zero Cpn Global Notes due '23 EUR $ 662 21-Jan-20 Philippines Philippi nes U.S. Public BBB+ BBB+ 0.700% Global Notes due '29 EUR $ 662 7-Jan-20 People's Govt of Shenzhen China China Public NR A+ 3.310% Senior Bonds due '27 CNY $ 641 2-Jan-20 Gov of Xingjiang Uygur China China Public NR A+ 4.020% Senior Bonds due '50 CNY $ 475 7-Jan-20 People's Govt of Shenzhen China China Public NR A+ 3.660% Senior Bonds due '35 CNY $ 454 16-Jan-20 People's Government of Shanxi China China Public NR A+ 3.660% Fxd/Straight Bd due '40 CNY $ 403 7-Jan-20 People's Govt of Shenzhen China China Public NR A+ 3.370% Senior Bonds due '30 CNY $ 288 16-Jan-20 People's Government of Shanxi China China Public NR A+ 3.920% Fxd/Straight Bd due '50 CNY $ 250 7-Jan-20 People's Govt of Shenzhen China China Public NR A+ 3.370% Senior Bonds due '30 CNY $ 233 2-Jan-20 Gov of Xingjiang Uygur China China Public NR A+ 3.730% Senior Bonds due '35 CNY $ 220 2-Jan-20 Gov of Xingjiang Uygur China China Public NR A+ 3.440% Senior Bonds due '30 CNY $ 180 7-Jan-20 People's Govt of Shenzhen China China Public NR A+ 3.310% Senior Bonds due '27 CNY $ 147 2-Jan-20 Gov of Xingjiang Uygur China China Public NR A+ 3.730% Senior Bonds due '35 CNY $ 141
APAC Issuance| Financial and Non-Financial Top 20 Deals
25
YTD data as of June 16, 2020; excludes Sovereign. Red means speculative-grade rating , blue means investment-grade rating, and grey means NR (not rated). Table is for foreign currency only without perpetuals. Source: S&P Global Ratings Research. Issue Date Maturity Date Issuer Country Sector Market Place S&P Issue - Rating Security Description Currency Issuance (US $ Mil) 14-Apr-20 21-Apr-50 Petronas Capital Ltd Malaysia Financial Institution U.S. Private NR 4.550% Gtd Mdm-Trm Nts due '50 US $ 2,750 18-Feb-20 25-Feb-25 Mitsubishi UFJ Finl Grp Inc Japan Banks U.S. Public A- 2.193% Global Notes due '25 US $ 2,600 27-May-20 3-Jun-30 Tencent Holdings Ltd China High Technology U.S. Private A+ 2.390% Medium-Term Nts due '30 US $ 2,249 16-Jan-20 23-Jan-23 Japan Bk for Intl Cooperation Japan Banks U.S. Public A+ 1.750% Global Notes due '23 US $ 2,243 14-Apr-20 21-Apr-30 Petronas Capital Ltd Malaysia Financial Institution U.S. Private NR 3.500% Gtd Mdm-Trm Nts due '30 US $ 2,222 21-Jan-20 24-Oct-23 Scenery Journey Ltd China Finance Company Euro Public B 12.000% Gtd Sr Notes due '23 US $ 2,000 21-Jan-20 24-Oct-22 Scenery Journey Ltd China Finance Company Euro Public B 11.500% Gtd Sr Notes due '22 US $ 2,000 27-May-20 3-Jun-50 Tencent Holdings Ltd China High Technology U.S. Private A+ 3.240% Medium-Term Nts due '50 US $ 1,999 13-May-20 22-May-23 Japan Bk for Intl Cooperation Japan Banks U.S. Public A+ 0.625% Gtd Global Nts due '23 US $ 1,997 9-Jan-20 16-Jan-25 Westpac Banking Corp Australia Banks U.S. Private NR 2.000% Sr Secured Nts due '25 US $ 1,747 23-Jan-20 4-Feb-30 Westpac Banking Corp Australia Banks U.S. Public BBB+ Sub Global Note due '30 US $ 1,500 9-Jan-20 16-Jan-30 Nomura Holdings Inc Japan Broker U.S. Public BBB+ 3.103% Fxd/Straight Bd due '30 US $ 1,500 9-Jan-20 16-Jan-25 Nomura Holdings Inc Japan Broker U.S. Public BBB+ 2.648% Fxd/Straight Bd due '25 US $ 1,500 16-Jun-20 23-Jun-23 New Development Bank China Banks Euro Public AA+ 0.625% Medium-Term Nts due '23 US $ 1,498 7-Jan-20 16-Jan-25 Commonwealth Bank of Australia Australia Banks Euro Public NR Flt Rte Gtd Bds due '25 STG $ 1,312 28-Jan-20 4-Feb-25 National Australia Bank Ltd Australia Banks Euro Public NR Flt Rte Gtd Nts due '25 STG $ 1,303 15-Jan-20 22-Jan-23 BoComm-HK Hong Kong Banks Euro Public A- Sr Flt Rt MTN due '23 US $ 1,300 14-Jan-20 21-Jan-23 China Development Bank Corp China Banks Euro Public NR 1.250% Sr Unsecurd Nts due '23STG $ 1,298 6-Jan-20 15-Jan-30 Sumitomo Mitsui Finl Grp Inc Japan Banks U.S. Public A- 2.750% Global Notes due '30 US $ 1,250 14-Jan-20 22-Jul-30 ANZ Banking Group Ltd Australia Banks U.S. Private BBB+ Sub Notes due '30 US $ 1,250
APAC Issuance| Sovereign Debt
26
YTD data as of June 16, 2020; includes local / foreign currencies. Source: S&P Global Ratings Research.
(Bil. USD)
$0.4 $3.0 $1.1 $0.1 $2.0 $2.3 $1.0 $0.1 $1.5 $0.1 $3.1 $0.1 $0.02 $1.3 $- $0.5 $1.0 $1.5 $2.0 $2.5 $3.0 $3.5 Hong Kong Indonesia Korea, Republic of Malaysia Philippines Thailand 2018 2019 2020 $9.2 $42.3 $9.7 $- $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 $35.0 $40.0 $45.0 China
(Bil. USD)